Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

HK Type 4 license through Ballingal Investment Advisors Ltd. 

I'm a highly experienced sell-side analyst with in excess of 22 years of covering Asia Pacific equities, the past 19 years immersed in event strategies encompassing M&A risk arbitrage, directional long/short, stub trades and restructuring.  

My background also includes accountancy (liquidation/bankruptcy/receivership) earlier in my career and as a chief financial officer of a global commodity company based in the US and Mexico.

Pan-Asia Catalysts/Events

The Week that Was in ASEAN@Smartkama - Kalbe Spin-Off, SingTel's Deep Value, and Thailand's Gamers

Bharti Airtel Partially Paid Rights Situation

SingTel: All-Time Low Implied Stub; Inexpensive Proxy Into Bharti

Quiddity Advisors

Event-Driven

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<p>Investors and <a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a> have unerringly been disconnected in 2020. Shares are currently trading at their lowest level outside the GFC.</p>
<p>Sentiment was not helped by the 24% decline in EBITDA (excluding the results of its regional associates) for the <a href="https://links.sgx.com/FileOpen/1stqtr-BusinessUpdate.ashx?App=Announcement&amp;FileID=628134" target="_blank" rel="noopener">June-ending quarter</a> announced the 14 August.</p>
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<p>I see the implied stub - net of all its listed holdings - at an all-time low.</p>
<h2>Implied Stub (in S$/share) - Stripping Out All Listcos</h2>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/156/814/original/image_98073797421599099095235.png?1599099097" class="editor-image img-responsive" data-smartkarma-image-id="156814"></figure>
<div style="text-align: left;" class="content-caption">Source: CapIQ, the orange band represents 2StDevs from the average</div>
<p>The discount to NAV of 44% is also around its widest ever recorded. </p>
<div>
<p>COVID-19 promotes tough market conditions. Yet SingTel appears to have overshot to the downside, providing an inexpensive entry into <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</p>
</div>


Investors and Singtel (ST SP) have unerringly been disconnected in 2020. Shares are currently trading at their lowest level outside the GFC.
Sentiment was not helped by the 24% decline in EBITDA (excluding the results of its regional associates) for the June-ending quarter announced the 14 August.

I see the implied stub - net of all its listed holdings - at an all-time low.
Implied Stub (in S$/share) - Stripping Out All Listcos

Source: CapIQ, the orange band represents 2StDevs from the average
The discount to NAV of 44% is also around its widest ever recorded. 

COVID-19 promotes tough market conditions. Yet SingTel appears to have overshot to the downside, providing an inexpensive entry into Bharti Airtel (BHARTI IN).


Singtel

SingTel: Make The Call